Irenaeus, Siteadmin, Check users, oversight, Administrators
351,679
edits
Changes
Division of labor (view source)
Revision as of 18:11, September 16, 2024
, 18:11, September 16, 2024→External links
'''Division of [[labor]]''' is the specialization of tasks to improve [[efficiency|efficiencies ]]and increase overall [[output]].
[[Image:Sigentha.jpg|right|thumb|200px|[[Adam Smith]] had the insight that division of labor improves productivity because individuals who specialize gain insights that aids [[innovation]].<ref>[https://www.adamsmithworks.org/speakings/veckov-division-of-labor-innovation What Would We Do Without Division of Labor?], Adam Smith Works website</ref> ]]
'''Division of [[labor]]''' is the specialization of tasks to improve [[efficiency|efficiencies]] and increase overall output.
[[category:industry]]
* A country can adopt laws and institutions that make it possible for the division of labor to grow and flourish, as the United States did in the late eighteenth century. Or it can adopt laws and institutions that prevent the division of labor from growing and flourishing, as is the case in most of the world today, and as was the case everywhere for most of history. [http://www.capitalism.net/Capitalism/Economics%20and%20Capitalism.htm]
== External links ==
*[https://www.econlib.org/library/Enc/DivisionofLabor.html Division of Labor], Econlib.com
*[https://www.adamsmithworks.org/speakings/veckov-division-of-labor-innovation What Would We Do Without Division of Labor?], Adam Smith Works website
*[https://hbr.org/2011/07/the-big-idea-the-age-of-hyperspecialization The Big Idea: The Age of Hyperspecialization], Harvard Business Review
==References==
<References/>
[[Category:Economics]]